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Alibaba Pictures invests in Hehe Pictures
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ALIBABA Pictures Group said today it will invest in Shanghai-headquartered Hehe Pictures Co Ltd and hold 30 percent stake to become its second largest stakeholder as the two film companies strengthen collaboration in the film production sector.
Alibaba Pictures will also designate two members to join Hehe Pictures' board of directors.
Chinese Internet companies are increasing their foothold in media and entertainment. Alibaba Pictures' partnership with Hehe Pictures goes back to May this year when the two companies both took part in the financing for Taopiaopiao, Alibaba Pictures' online movie ticketing platform.
The two companies will also carry out strategic collaboration in terms of film production and distribution.
Chief executive officer Zhang Qiang said the two parties seek to explore new modes in film production and marketing to push forward the development of the whole industry, according to an email statement.
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